Stephen Catlin has announced his intention to retire and step down from his role as Chairman of the Board of insurance and reinsurance firm XL Group Ltd.
Catlin will continue in his role as the Company’s Executive Deputy Chairman until May 15th 2017, after which he will stay on at XL to act as a special advisor to XL’s Chief Executive Officer, Mike McGavick.
Catlin will continue to serve as Chairman of the Insurance Development Forum (“IDF”) as well, the public/private industry forum launched in 2016 by leaders of the insurance industry, alongside the UN and the World Bank, and will also continue to work on other related projects.
Catlin will also maintain a presence in operations at XL and XL Catlin beyond that, agreeing to provide consultancy to the firm from January 1st 2018 to September 30th 2018.
Catlin commented on the announcement; “When Mike and I first discussed combining XL and Catlin, we knew we could create a truly special company. Now, nearly two years after the business combination, with the integration largely completed and XL Catlin running at full steam, it is an appropriate time for me to take the opportunity to step back from an active leadership role within the company. I’m enormously proud of what we have achieved, and I wish Mike and the XL Catlin team every success with their future endeavors.”
McGavick added; “Stephen is an original and a true statesman of our industry. From a teaboy at Lloyd’s to the Chief Executive of its largest syndicate, in Catlin Group he created a rare global success and a hive for talent that is now helping drive XL Catlin forward. We are eternally grateful for his selfless leadership which was essential to the success of the XL and Catlin combination. I look forward to continuing to work with Stephen in his new capacity, first as special advisor to me and then as a consultant to the Company in relation to the very important work of the IDF.”
XL’s Chairman of the Board, Mr. Eugene McQuade, said; “On behalf of the Board, I would like to thank Stephen for his astute vision and voice during the last two years. From the acquisition of Catlin to today, he’s been instrumental to the success of our integration and to the creation of many of the opportunities that have come XL Catlin’s way.”